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LONDON, October 27, 2020 (GLOBE NEWSWIRE) – According to the research report by The Business Research Company, statistics from the global medical device industry show that growth over the historical period is the result of an increase in the number of healthcare facilities, health, technological advances and rapid growth of the elderly population.
Moving forward beyond 2020, a rapid increase in the prevalence of infectious diseases and the increasing prevalence of chronic diseases will support the growth of the global medical device market. The spontaneous emergence of serious infections such as the novel coronavirus is expected to drive demand for medical devices globally. The demand for hospital supplies, in vitro diagnostic devices, and respiratory care devices has increased significantly since the emergence of COVID-19 in various countries. This demand should continue to combat the pandemic and, importantly, to avoid the risk of similar infections occurring and spreading. The growing prevalence of chronic diseases such as diabetes and cancer should also be a major driver of the medical device market. Long working hours, limited physical activity and unhealthy eating habits are the main causes of such diseases. The high prevalence of chronic diseases also increases vulnerability to other contagious infections such as coronavirus infections. Therefore, this will further increase the demand for medical devices used in the diagnosis, prognosis and treatment of a number of diseases, leading the medical device market.
The Business Research Company‘S report titled Medical Device Market – Opportunities and Strategies – Global Forecast to 2030 covers major medical device companies, medical device market share by company, medical device manufacturers, medical device market size, and medical device market forecast. The report also covers the global medical device market and its segments. The medical device market is segmented by device type in in vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, medical devices for diabetes care, nephrology and urology devices, ENT devices, anesthesia and breathing devices, neurology devices and wound care devices.
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The 2020 medical device market size has almost reached $ 456.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to decline from $ 456.9 billion in 2019 to 442.5 billion dollars in 2020 at a rate of -3.2%. The decline is mainly due to blockades imposed by governments around the world that have hindered the supply chain in the medical device manufacturing industry. However, there is a dramatic increase in the production of ventilators used to treat COVID-19 patients. The medical device market is expected to recover and grow with a CAGR of 6.1% from 2021 and reach $ 603.5 billion in 2023. This is because, as mentioned, beyond 2020, an increase in the incidence of infectious and chronic diseases will drive the growth of the market. The analysis of the medical devices market by country proves this North America represents approx 39%, the largest share in the global market.
Global medical device industry trends shaping this growth include companies that have begun repurposing their production lines to produce highly sought-after medical supplies to combat coronavirus, such as hand sanitizers, face masks, medical devices. personal protection (PPE), fans, etc. For example, liquor manufacturing company AirCo has shifted the focus of its manufacturing facilities to manufacturing hand sanitizers. New spirits brands Bev and Endless West also joined the production push.
Similarly, in Canada, INKSmith, a startup that was making technology and design tools accessible to children, moved to make face screens. 3D printing companies like Markforged and Formlabs, based in Massachusetts, are both making personal protective equipment such as face shields and nasal swabs to be used for COVID-19 testing. In addition to this, large-scale investments in health monitors and relevant mobile apps by medical device manufacturers, technology companies and other investors are also helping the market, and medical device companies should partner with such technology companies to develop and market devices for monitor and track. people’s health for more effective diagnosis and treatment of patients.
Medical Device Market – Opportunities and Strategies – Global Forecast to 2030 is part of a series of new reports by The Business Research Company providing market overviews, analyzing and forecasting market size and growth for the entire market, medical device market segments and medical device market geographies, medical device market trends, market drivers medical devices, medical device market restrictions, medical device market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also provides an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, in-depth secondary research, and exclusive insights drawn from interviews with industry leaders. A team of highly experienced and experienced analysts and modelers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and approaches from key competitors.
Here is a list of similar reports from the corporate research firm:
Wearable Medical Devices Market – By Type (Therapeutic and Diagnostic Devices), by Applications and by Region, Opportunities and Strategies – Global Forecast through 2022
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